PUBLISHER: DataM Intelligence | PRODUCT CODE: 1401327
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1401327
Overview
Global Myclobutanil Market reached US$ 1.12 billion in 2022 and is expected to reach US$ 1.76 billion by 2030, growing with a CAGR of 4.7% during the forecast period 2023-2030.
Rising consumer concern for food safety is boosting the demand for safer fungicides like myclobutanil in agriculture. Myclobutanil is seen as an effective solution to protect crops from fungal diseases, aligning with these safety concerns.
The global agriculture sector is expanding to meet the growing food demands of an increasing population. Myclobutanil's role in disease control is pivotal in ensuring food security in this expanding industry. The agricultural sector's reliance on myclobutanil underscores its importance in modern farming practices and drives the myclobutanils' market growth worldwide.
Fruit crops hold a significant share of the myclobutanil market due to the susceptibility of fruits to fungal disease. Asia-Pacific held a significant share of the myclobutanil market due to its growing agricultural sector. according to China's Ministry of Agriculture Over 1,300 Chinese enterprises have made USD 26 billion in investments in international forestry, agriculture, and fisheries. India's agriculture industry also makes a substantial contribution to the expansion of the myclobutanil market in that region.
Dynamics
Increasing Demand for Crop Protection Products
Changes in climate patterns, like increased humidity and temperature fluctuations, can create conditions favorable for fungal diseases. According to the U.S. Department of Agriculture, fungus infections pose a serious and economically significant threat to crops globally. The problem is so severe that diseases brought on by fungi-causing pathogens can result in annual crop losses of 10% to 20%, or $100 to $200 billion. This drives the need for fungicides like myclobutanil to protect crops.
Myclobutanil is utilized by farmers to safeguard their crops from fungal diseases, preventing yield losses and maintaining the quality of agricultural products. This ultimately results in greater profits for farmers, due to increased yields and improved product quality. Hence, the rising incidence of fungal diseases leads to increasing demand for crop protection products including myclobutanil.
Government Support
The government often provides various support in the form of subsidies to promote the use of various agricultural products. In October 2020, the Economic Coordination Committee (ECC) of the Cabinet approved the Prime Minister's Rs24 billion Package to lower input costs for farmers for the upcoming rabi season, with the intent of increasing wheat production. Under this, the government would provide a fungicide subsidy of Rs 150 per acre.
These subsidies or financial incentives to farmers for the purchase of crop protection products. These subsidies can make myclobutanil more affordable for farmers, encouraging its use and adoption rates. This adoption rate leads to an increase in its market globally.
Growing Demand for Organic Farming
Due to the growing concerns related to health and the environment, the demand for organic farming is growing worldwide. According to FAO, The World of Organic Agriculture 2021 report, organic farming is practiced in 187 countries with 72.3 million hectares of agricultural land were farmed by 3.1 million farmers. Myclobutanil, being an agrochemical is not preferred by farmers as there is a growing demand for organic food products.
Organic farming signifies the use of natural products instead of synthetic pesticides for pest and disease control. With the growing organic farming, there is a growing emphasis on the development of organic or biofungicides. As myclobutanil is a chemical fungicide, the preference for applying it on agricultural land is decreasing and limiting its market growth worldwide.
The global myclobutanil market is segmented based on product, distribution channel, application, and region.
Fungal Disease Susceptibility for Fruits
Fruits like grapes, apples, citrus, and berries, are economically significant. Farmers need to protect these crops from fungal disease which leads to their high market share in the myclobutanic market. Myclobutanil is mostly used in agricultural settings for preventative and curative control of fungal diseases which often appear on grapes, strawberries, and almond crops. Fungi can decrease the shelf life of the fruits. By using myclobutanil for these fruit crops, farmers can extend the shelf life of fruits.
King Quenson Group offers a fungicide having 95% of myclobutanil. It is employed as a foliar treatment to combat a range of fungal diseases in various crops and ornamental plants. It effectively controls powdery mildew, shot-hole, blossom blight, anthracnose, and rust in stone fruit and nuts. Furthermore, it provides effective control against powdery mildew in cucurbits, while also proving effective against powdery mildew and rusts in ornamental plants.
Asia-Pacific's Growing Demand for Crop Protection Products to Ensure Food Security
According to the Department of Agriculture, Fisheries and Forestry report of 2023, Australia had 55% of agricultural land in use which is approximately 427 million hectares in 2020. This agricultural dominance can lead to adopt various fungicides including myclobutanil to protect their crops from fungal disease which in turn drives its market growth in the region.
Asia-Pacific has some of the world's most popular countries like China, India etc. Rising populations in the region increase the demand for food production. This rising food production leads to protecting crops from various pests including fungi. Hence, the rising demand for crop protection products in this region leads to an increasing need for myclobutanil fungicides to ensure food security.
The major global players include Zhejiang Dapeng Pharmaceutical Co., LTD., Corteva, Shandong Sino-Agri United Biotechnology Co., Ltd, Zhejiang Heben Pesticide & Chemicals Co., Ltd., Mitsubishi Chemical Holdings Corporation, Yifan Bio-tech Group Co., Ltd., Jiangsu Frey Agrochemicals Co., Ltd, Rainbow Ecoscience, Geolife Agritech India Pvt. Ltd., Biostadt India Ltd.
COVID Impact
The pandemic disrupted global supply chains, leading to potential shortages of agricultural inputs, including crop protection products like Myclobutanil. Disruptions in the supply chain can impact product availability and price. Agricultural labor shortages were reported in many regions due to lockdowns, quarantines, and travel restrictions. Reduced labor availability can hinder farm operations, including the application of Myclobutanil.
COVID-19 restrictions and uncertainty have led to delayed or altered planting seasons for certain crops. This change in planting schedules can impact the timing and volume of fungicide applications. The economic impact of the pandemic on farmers' incomes could have influenced their purchasing decisions. Farmers facing financial constraints might have reduced their use of fungicides like Myclobutanil.
The conflict in the region disrupted myclobutanil supply chains, causing a notable decrease in market availability. This, in turn, triggered significant price volatility within the myclobutanil market.
The war impacted currency exchange rates, which, in turn, affected the cost of imported agricultural inputs, including myclobutanil. Exchange rate fluctuations influenced product prices and availability. The global supply chain and raw material pricing system have been significantly affected, with implications for the myclobutanil market.
The global myclobutanil market report would provide approximately 61 tables, 60 figures and 181 Pages.
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